Rosen, A Leading Law Firm, Reminds Fred’s, Inc. Investors of Important Deadline in Securities Class Action – FRED

July 23, 2019 05:04 PM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Fred’s, Inc. (NASDAQ: FRED) between December 20, 2016 and June 28, 2017 (the “Class Period”) of the important August 27, 2019 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Fred’s investors under the federal securities laws.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Federal Trade Commission (“FTC”) had informed defendants that the merger between Rite Aid Corp. and Walgreens was unlikely to garner regulatory approval as then constituted because of the significant market overlap between Rite Aid and Walgreens stores; (2) defendants did not possess “clarity” from their non-public discussions with FTC regulators that the deal would be approved, but, rather, FTC officials had expressed concern that the planned divestitures did not go far enough to preserve competition in the pharmaceutical marketplace; (3) delay in the regulatory review process and FTC requests for additional information were not simply routine and inconsequential as defendants had represented; (4) FTC Staff indicated to defendants that Fred’s did not have the financial capability and incentives to acquire and operate the assets, nor the competitive ability to maintain or restore competition in the market; (5) Fred’s wouldn’t purchase the Rite Aid stores and certain assets related to store operations located across the eastern and western United States pursuant to the Asset Purchase Agreement; and (6) as a result of the foregoing, defendants’ positive statements about Fred’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 27, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1621.htmlor to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.